SOCAR and Fugro agreed to create a new joint venture

SOCAR and Netherlands Fugro have reached an agreement to create a new joint venture (JV) to perform bathymetric, geophysical and geotechnical studies, Fugro company reported.

The statement reads that the JV will be supplying the autonomous underwater devices and remotely operated transportations, provide diving services and other services both onshore and offshore Azerbaijan.

The agreement to form SOCAR-Fugro, in which 51% share is owned by SOCAR is based on the initial agreement, which was signed in 1995, concerning creation of a joint venture Azeri Fugro.

Azeri-Fugro JV provides a wide range of geotechnical and ecological services in the Caspian Sea region, which are required for the oil exploration. It uses experience of the entire group of Fugro Group companies to receive access to a wide range of knowledge of specialists and resources within the framework of any operating Fugro company.—0—


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